Key Takeaways

• The Nasdaq hit a record high in intraday trading Monday, July 8, 2024 as tech stocks gained.
• Intel shares surged after Melius Research suggested the stock could get a boost from artificial intelligence in the second half of the year.
• Corning shares rose after the company raised its guidance on strong demand.

The Nasdaq hit a record high in intraday trading Monday, while the S&P 500 and Dow were little changed as tech stocks gained.

Corning ( GLW ) was the best-performing stock in the S&P 500 after the specialty glass maker raised its guidance on increasing demand for its optical connectivity products for generative artificial intelligence (AI) applications.

Intel ( INTC ) shares surged, along with shares of AMD ( AMD ) after Melius Research analysts suggested the stocks could see gains from AI in the second half of the year.

Shares of IDEAYA Biosciences ( IDYA ) also jumped after the oncology medicine firm reported positive results in a Phase-2 trial of its treatment for some bladder and lung cancers.

Solar stocks gained as Bank of America upgraded SolarEdge Technologies ( SEDG ), arguing the stock is undervalued.

Devon Energy ( DVN ) shares fell as the energy firm agreed to pay $5 billion to purchase privately held Grayson Mill Energy, expanding its reach into the Williston Basin.

Paramount Global ( PARA ) shares declined as the company agreed to merge with Skydance Media , bringing an end to months of negotiations.

Oil and gold futures fell, while the yield on the 10-year Treasury note advanced. The U.S. dollar gained on the euro, but declined versus the pound and yen. Prices for most major cryptocurrencies were higher.

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